Description
Binance just lost about $6.3 billion in the biggest crypto hack in history, and the FBI says North Korea did it. Withdrawals are reopening and Binance says your money is safe. Here's what really happened, how they got in, and how to protect yourself from the scams coming next.
Update, 1 November: since we recorded, the FBI has confirmed North Korea's TraderTraitor group was behind the hack, Binance has started reopening withdrawals (Bitcoin first, then ETH, BNB, XRP, USDT and USDC on some networks), and Binance says it has replaced about 95% of the affected assets from its own funds.
What we cover:
• What happened: billions drained from Binance's hot wallets on ten blockchains at once
• How they got in: one compromised laptop, and a wallet planned days in advance
• Who did it: North Korea's TraderTraitor, the same group behind Bybit
• How Binance handled it: "user funds are safe", and frozen withdrawals
• The part nobody's talking about: Tether, Circle and others froze billions in minutes, with no court and no judge
• Why that's a preview of a CBDC
• The second wave: fake Binance support calls, emails and texts, now powered by AI
• The rules that keep you safe, and why your coins shouldn't sit on an exchange
🛡 The Binance hack explained (written breakdown, updated): https://www.learningcrypto.com/resources/binance-hack-explained
📖 Free self custody guide: https://www.learningcrypto.com/resources/how-to-self-custody-bitcoin
🔑 Why one hardware wallet isn't enough (multisig explained): https://youtu.be/Xzvl-bG9AU8
🛠 How to set up your own multisig, step by step: https://youtu.be/NWh-dvdqP_w
📰 Daily headlines and data, no promotions: https://t.me/LearningCryptoNews
The rules:
Binance will never call you. No real support will ever ask for your seed phrase, your 2FA code or remote access to your computer. No refund requires you to send crypto first. Nobody legitimate will tell you to move your coins to a "safe wallet". If someone contacts you first, it's a scam.
Chapters
0:00 Binance just got hacked
1:11 What happened
1:58 How they got in
3:07 Who did it
3:25 How Binance handled it
4:14 The part nobody's talking about
5:44 Stablecoins, frozen in minutes: a CBDC preview
6:40 The scam wave is coming
8:04 The rules
8:34 Get your coins off exchanges
9:12 Why I use multisig
This video is the Map: it shows you the terrain. The Learning Crypto community is the Guide, with real-time positioning, portfolio updates and direct access. Join at https://learningcrypto.com
Learning Crypto is run by Heidi and Toby, who have covered Bitcoin and self-custody on this channel since 2016. Nothing here is financial advice. We will never message you first on any platform, and we will never ask for your seed phrase; anyone who does is not us.
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